Singapore’s GDP +20.7%

Wow!

Singapore’s economy expanded by a seasonally adjusted 20.7 per cent in second quarter, underpinned by strong gains in the manufacturing sector.
This represents a significant improvement from the 12.2 per cent contraction in the first quarter, said the Ministry of Trade and Industry in a statement on Monday morning.
Compared to a year ago, GDP contracted by 3.5 per cent in the second quarter. As a result, the Singapore economy contracted by 6.5 per cent in the first half of the year.
MTI said it would maintain the GDP growth forecast for this year at -4 to -6 per cent.
Manufacturing output increased by 49.5 per cent, compared to the previous quarter’s contraction of 18.5 per cent. This was largely due to a surge in the production of active pharmaceutical ingredients in the biomedical manufacturing cluster and an increase in inventory restocking in the electronics sector.

Posted by on August 11th, 2009 at 12:38 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.